Panacea Biotec enters into a pact with US-based Rising Pharmaceuticals

Panacea Biotec has entered into collaboration with Rising Pharmaceutical Inc, US-based firm involved in marketing and distribution of branded, prescription and over-the-counter pharmaceutical products in USA. The two companies will collaborate for an oral controlled release product utilising Panacea Biotec's platform oral drug delivery technology. The dossier for the product is currently under review by US Food and Drug Administration (FDA), said Panacea Biotec in a press release.
 
Upon commercialisation of the product, both companies will share the profits at a pre-agreed ratio. The product under the collaboration currently has a market size of more than $300 million in the US.
 
Panacea will undertake product development and will manufacture and supply products while Rising Pharmaceutical will be responsible for sales and distribution of products in USA. Both companies also plan to expand the scope of the alliance by adding new drug delivery based complex generic products to the collaboration.
 
Dr Rajesh Jain, joint managing director, Panacea Biotec Ltd, said, "This collaboration is an impportant addition to Panacea Biotec's proven track record of building strong and deeply integrated strategic alliance that will accelalrate the company's growth plans in the US."
 
Satish Srinivasan, COO and president, Rising Pharmaceuticals, added, "Our team was very impressed with the high standards of Panacea's R&D and manufacturing facilities and we feel very confident that they will be able to consistently deliver high quality pharmaceuticals for the US market."